5 Tips to Becoming a Successful Mompreneur

August 27, 2019

Starting a business can be an extremely exciting and stressful time, which can become an even bigger juggling act when you are a parent. Being a mompreneur can be a difficult task, but it is definitely fulfilling and eventually can help you gain the appropriate work/life balance. Whether you are just starting out as a mompreneur, or are looking for ways to make your venture more successful, try the five tips listed below.

1. Start Your Business for the Right Reasons

While making money and ensuring your financial future are both often motivating factors when starting your own business, they should not be the only reason for your business creation. It not only takes discipline, and knowledge of the industry, but it also takes passion and heart. While your business sense will get you going, it is your drive and fortitude that will keep going when things get rough. Without this passion, you are more likely to experience severe burnout. So remember, while it is important to come up with an idea that can make you money, make sure to blend it with something that you are extremely passionate about.

2. Keep it Structured

A structure is even more vital to a business when you are juggling the demands of starting a company and balancing it with your responsibilities at home. By creating a well-defined structure and schedules, including regular duties and activities, it will allow you to run both your household and your business more efficiently. It can also be beneficial to pre-plan as many things as you can, such as meals. This can help alleviate stress and allow you some wiggle room when things come up.

3. Designate an Office and Minimize Distractions

If you work from your home, you will need to have an area that can be dedicated as an office and you can limit household and other distractions. While minor distractions are hard to avoid, continuous or major distractions can set you back and cause you to lose focus, sometimes making costly errors. Start by setting up a work area and, if possible, specific hours during the day that is specifically designated for business.

4. Develop a Strong Support System

When you try to go it alone, you are likely to get burnt out. Part of being successful means finding people you can trust to support you and balancing duties you need to do with duties you might need help with. Start with setting up the responsibilities between you and your partner, and if you can afford to, consider outsourcing items you might not get to such as cleaning or other time-consuming chores. If your business becomes demanding, or requires more attention to detail than you can provide, consider getting an assistant that can help you stay on top of tasks both in business and in the household.

5. Stay Strong and Stay the Course

Always have realistic expectations when you decide to become a mompreneur and realize that you will not become an overnight success. Always try to remember the positives and know the rewards that you will have when you have to go through the struggles. If you find your motivation faltering, consider finding a mentor. Look for other mompreneurs that have had success and ask them the questions that you may not know the answers to, even if it is as simple as how to stay motivated.

Take the first step to mompreneur success by coming up with a plan, communicating with your family about how everything will work, and following the tips above. By planning ahead and knowing that struggles are inevitable, you will have more realistic expectations for your company and be able to start your business with a solid foundation.

This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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Manulife Securities related companies are 100% owned by The Manufactures Life Insurance Company (MLI) which is 100% owned by the Manulife Financial Corporation a publically traded company. Details regarding all affiliated companies of MLI can be found on the Manulife Securities website www.manulifesecurities.ca. Please confirm with your advisor which company you are dealing with for each of your products and services.